Overview
What is Faith Residence Apartments Inc?
Faith Residence Apartments Inc, based in Belle Plaine, Minnesota, is a nonprofit organization that specializes in providing affordable housing for individuals with disabilities. Operating an 8-unit independent living apartment complex, they offer rental units where tenants pay a portion based on their income and a subsidized portion, funded through a rental assistance contract with the U.S. Department of Housing and Urban Development. In the current fiscal year, they have rented out 2,920 unit days. Their mission, as stated, is to share Christ's love while serving the spiritual, physical, intellectual, and emotional needs of their residents and those whose lives they touch.
Official website here: www.thla.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 93%, Four-Star out of Four Star rating
Faith Residence Apartments Inc has achieved a strong performance rating of 93% from Charity Navigator, which indicates a high level of accountability and financial health. The organization received its Four-Star rating based entirely on its Accountability & Finance score, highlighting its commitment to transparency and the responsible management of resources. The assessment is significant as it reflects the organization’s effective governance and strong fiscal practices.
The nonprofit boasts a fully independent board, with 100% of its members meeting independence criteria, and an optimal board size of nine members. Additionally, it has demonstrated effective policies in areas such as conflict of interest, whistleblower protections, and document retention, all of which contribute to its solid governance framework. Their financial indicators, such as a low liabilities-to-assets ratio and a program expense ratio of 66.62%, suggest that the organization is efficiently utilizing its resources to fulfill its mission.
However, while the overall score is impressive, the program expense ratio could indicate a potential area for improvement, as it falls slightly short of the maximum score possible for this metric. This suggests that while Faith Residence Apartments Inc is effective in its operations, there may be room for increased investment in programmatic activities. Overall, the organization stands out for its strong financial practices and governance, ensuring donor confidence and community trust.
This AI summary has been generated from information found on Charity Navigator.
Is Faith Residence Apartments Inc legitimate?
Faith Residence Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Faith Residence Apartments Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $17,871
For more financial information, click here
Official website here: www.thla.org
What is the mission statement of Faith Residence Apartments Inc?
Faith Residence Apartments Inc's mission is centered around sharing love and serving the spiritual, physical, intellectual, and emotional needs of individuals in their care, as well as those whose lives they impact. In addition to this, the organization aims to address the needs of people with disabilities by providing affordable housing. They operate an independent living apartment complex, offering rent that is partly based on tenant income and partly subsidized through a rental assistance contract with the U.S. Department of Housing and Urban Development. The primary objective is to provide a living space for individuals with disabilities, as demonstrated by the 2,920 unit days rented during the current fiscal year.
Official website here: www.thla.org
Who is the CEO of Faith Residence Apartments Inc?
Mark Hayes is the Former Presi of Faith Residence Apartments Inc.
Official website here: www.thla.org
What is the revenue of Faith Residence Apartments Inc?
Faith Residence Apartments Inc's revenue in 2022 was $75,988.
Official website here: www.thla.org
Who are the executives of Faith Residence Apartments Inc and what are their salaries?
Here are 11 key members and their salaries:
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Official website here: www.thla.org
Where can I find the form 990 for Faith Residence Apartments Inc?
Faith Residence Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thla.org
Learn more at the official website: www.thla.org
Mission Statement of Faith Residence Apartments Inc
Faith Residence Apartments Inc, a nonprofit organization, is committed to sharing Christ's love as they serve the spiritual, physical, intellectual, and emotional needs of individuals entrusted to their care and others whose lives they touch. At the heart of their mission is the provision of affordable housing for individuals with disabilities. In Belle Plaine, MN, Faith Residence Apartments Inc operates an 8-unit independent living apartment complex, offering a living space that is both affordable and suitable for individuals with disabilities. The rental cost is determined by a portion based on the tenant's income and another portion that is subsidized through a rental assistance contract with the U.S. Department of Housing and Urban Development. During the current fiscal year, Faith Residence Apartments Inc has successfully rented out 2,920 unit days, demonstrating their dedication to providing affordable housing for individuals with disabilities.
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Impact
August, 2024
Faith Residence Apartments Inc's impact is evident in the provision of affordable housing for persons with disabilities in Belle Plaine, MN. They operate an 8-unit independent living apartment complex with a mission to share Christ's love while serving the spiritual, physical, intellectual, and emotional needs of the individuals under their care. Through a rental assistance contract with the U.S. Department of Housing and Urban Development, they offer subsidized housing options, ensuring that tenant rents are based on income levels. This organization plays a crucial role in enhancing the quality of life for individuals with disabilities by providing a stable and supportive living environment.
This information is meant to be a general summary of Faith Residence Apartments Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $21
- Program Service Revenue: $73,256
- Gross Receipts: $75,988
Assets and Liabilities:
- Total Assets: $673,278
- Total Liabilities: $176,757
- Net Assets: $496,521
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT REVENUE
Revenue
$73,256
Organization Details
Founding Year
2003
Phone
(952) 873-6000Principal Officer
Mark Hayes
Main Address
337 S MERIDIAN STREET, BELLE PLAINE, MN, 560111221
Website
www.thla.orgNTEE Category
Code: L22 - Housing
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